Five senior executives at The Blackstone Group are sitting on a potential paper profit of up to $11.5bn (€8.6bn) for owning one third of the private equity firm once it goes public.

Blackstone has indicated a price range of between $29 and $31 for its shares, which could raise up to $4.1bn, according a filing with the US Securities and Exchange Commission. The bookrunners of the initial public offering are Morgan Stanley, Citi, Merrill Lynch, Credit Suisse and Lehman Brothers.